The Complete Idiot's Guide to Personal Bankruptcy
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The essential chapters for those facing Chapter Seven or Chapter Eleven. With the percentage of personal bankruptcies soaring to over 10% nationwide, and the process for filing now more complicated, many are investigating their options. This guide, by a business journalist and bankruptcy expert, offers the reader comprehensive information on: all chapters of personal bankruptcy; the most current legal information; and a detailed explanation on filing. •Jargon free, pragmatic financial advice •Clear, complete and up-to-date information about all aspects of personal bankruptcy •State by state exceptions under new laws •Complete listing of vital websites to research before filing
Part 1 Bankruptcy Basics 1 2 What is Bankruptcy? 3Bankruptcy for a Fresh Financial Start 4When to Consider Bankruptcy 6Debt Relief from Unsecured Loans 7Home Nearing Foreclosure 7Car Could Be Repossessed 8Stop Hospitals and Doctors from Calling 8Need to Fix a Financial Mess After Divorce 8Erase Some Legal Judgments (but Not All) 8Halt IRS Seizures 9Stop the Loss of Your Driver's License 9Prevent Garnishment of Your Wages 9The Four Basic Types of Bankruptcy 9Chapter 7 10Chapter 13 11Chapter 11 11Chapter 12 122 Is Bankruptcy Right for You? 15Road Map to Bankruptcy 16Listing What You Own 16Acknowledging What You Owe 21Available Cash to Repay the Debt 22Bankruptcy vs. Other Credit Fixes 24Credit Counseling 25Loan Modification 27Debt Consolidation 27Debt Settlement 28Are You Eligible? 28Chapter 7 29Chapter 13 29Chapters 11 and 12 29How Bankruptcy Impacts Your Life 303 Professionals You Should Contact 33Role of Credit Counselors 33Review Your Finances with Accountants 36Certified Financial Planner 37Talk with Debt-Relief Agencies 38Contract 38Disclosures 39Debt-Relief Agency Restrictions 39Bankruptcy Attorneys 40Bankruptcy Petition Preparers 43What If You Can't Afford to Pay an Attorney? 44Part 2 Understanding the Bankruptcy Process 454 Fifing for Bankruptcy 47Are You Eligible? 48Your Official Income 48Filing on Your Own vs. with Legal Help 51Immediate Impact of Filing 53Creditors and Collections 53Foreclosures 54Determine Assets in Your Bankruptcy Estate 55Property in Your Possession That You Own 55Property Not in Your Possession ThatYou Own 56Property You Are Untitled to Receive in the Future 56Marital Property and Bankruptcy 57Working With the Bankruptcy Court 585 Chapter 7 Bankruptcy Process 61What Is Chapter 7? 62The Counseling Requirement62Median Income and the Means Test 63Step 1 Calculate Your Total Monthly Income 64Step 2 Subtract Allowable IRS Expense Amounts 64Step 3 Subtract Secured and Priority Debt Payments 66Step 4 Find Out What's Left to Pay Other Debts 69More Eligibility Requirements 72Filing 72Working With the Bankruptcy Trustee 73Meeting Your Creditors 75When You Must See a Judge 78Getting Rid of Your Debt 78Attending the Required Budget-Counseling Sessions 79How Your Bankruptcy Case Ends 806 Chapter 13 Bankruptcy Process 83What Is Chapter 13? 84Fulfilling the Counseling Requirement 84Meeting the Eligibility Requirements 84Prior Bankruptcy Discharges 85Businesses Aren't Eligible 85Debts Can't Be Too High 86Income Taxes Must Be Filed 86Developing a Repayment Plan 86Compute Your Disposable Income 87Compare Your Disposable Income to Your Debts to Be Paid in Chapter 13 88Committing Disposable Income to Repayment of Other Debt 90Filing Costs and Fees 92What Property Is at Risk? 92Working with the Bankruptcy Trustee on Your Repayment Plan 93Meeting Your Creditors 93Seeing the Judge 94Possible Endings 967 Choosing the Right Type of Bankruptcy 99Why Choose Chapter 7? 100Pros of Filing for Chapter 7 Bankruptcy 100Cons of Filing for Chapter 7 Bankruptcy 101Why Choose Chapter 13? 102Pros of Filing for Chapter 13 Bankruptcy 103Cons of Filing for Chapter 13 Bankruptcy 104Using a Chapter 20 Bankruptcy 105Why Consider Alternatives?-Chapters 11 and 12 106Chapter 11 106Chapter 12 Bankruptcy 108Special Rules for Upper-Income Filers 109Part 3 Using Bankruptcy for Specific Goals 1138 Saving Your Home 115Bankruptcy Filing to Stop Foreclosure 116Saving Your Home from Foreclosure 118Understanding Homestead Exemptions 119Declaration of Homestead 121Wildcard Exemptions 121Tenancy by the Entirety 121Relocation, New Home Purchase, and Bankruptcy Filing 122Illegal Act and Homestead Exemptions 123Options If You Have Too Much Equity in Your Home 124New Bankruptcy Laws and Saving Your Home 1259 Getting a Fresh Financial Start 127Secured vs. Unsecured Debt 128Debts Not Discharged by Chapter 7 129Debts Not Dischargeable for Any Reason 129Creditor Objections to Discharge 132Discharge by Narrow Exception 135Debts That Can Be Discharged Only by Chapter 13 136Debts Not Discharged by Chapter 13 37Debts and Creditors You Don't List 13710 Clearing Out Medical Debt 141Why People Seek Bankruptcy Protection for Medical Bills 142Medical Bills 144Treatment Bills 144Medication 145Unsecured Debt 145Dealing With Disability 146Timing and Choice of Bankruptcy 146Seeking Outside Help 147Medicaid 147Medicaid Services 148State Children's Health Insurance Program 149Caring Voice Coalition 150Chronic Disease Fund 150The HealthWell Foundation 150National Marrow Patient Assistance Program and Financial Assistance Fund 151National Organization for Rare Disorders 151Patient Advocate Foundation's Co-Pay Relief 152Discharging Your Debt So You Can Focus on Healing 15211 Cleaning Up a Financial Mess After Divorce 155Dividing Debt-Joint Debt vs. Individual Debt 156Joint Account vs. Authorized User 158Community Property vs. Common-Law Property 160Common-Law Marriages 161Impact on Ex-Spouses 163Clearing Out Bad Financial Memories 163Part 4 Life After Bankruptcy 16912 Managing Your Money After Bankruptcy 171Taking Responsibility for Your Spending Habits 172Get Family Support 172Build Your Budget Quickly 174Getting Started 174Build Emergency Funds 176Budgeting Together 176Removing Temptation 176Blocking Mail and E-mail 177Blocking Telemarketers' Calls 178Stop Unsolicited Faxes 180Complaining About Phone Calls and Faxes 180Watching for Danger of a Credit Relapse 18213 Repairing Your Credit History 185Clean Up Your Credit Report 186Correcting Errors 188Plan Your Fix 191Public Records 191Merger Mistakes 192Response from Credit Bureaus 193Dealing With Unpaid Debts 194Knowing Statutes of Limitations 194Adding Positive Information 196Expect Repair to Take Years 19614 Getting a Job 199Possible Job Loss 199Security Clearances 201Check Bouncing 202Cleaning Up Your Credit Report 202Problems Getting Hired 204How to Deal with Bankruptcy While Interviewing 204Tell Me About Yourself 206Why Do You Want to Work Here? 206What Are Your Goals? 207Changing Industries After Job Loss 207Qualification Questions 208Longevity Questions 209Practice Makes Perfect 21115 Getting Credit After Bankruptcy 215Repair Your Credit Before Even Trying to Buy 216Credit Score and Interest Rates 216Lenders and Bankruptcy 220Getting Student Loans After Bankruptcy 221Federal Loans 222Private Loans 224Seek a Cosigner 225Starting a Small Business 22616 Managing Your Credit with a Spouse 229Key State Laws Impacting Couples and Bankruptcy 230Tenancy by the Entirety 231Community vs. Common-Law Property States 231Keeping Credit Files Separate 233Applying for Loans in One's Name 234Don't Take on Joint Credit Accounts 236AppendixesA Glossary 239B Resources 243C State-by-State Homestead Exemption Rules 251Index 275
